Exercise 9-19

Presented below is information related to Pharoah Corporation for the current year:

Beginning inventory: $589,900, Purchases: $1,483,300, Total goods available for sale: $2,073,200, Sales revenue $2,400,000

Compute the ending inventory, assuming that (a) gross profit is 44% of sales, (b) gross profit is 60% of cost, (c) gross profit is 38% of sales, and (d) gross profit is 25% of cost.